HEAT oven to 350ºF.
COOK pasta as directed on package, omitting salt. Meanwhile, brown meat with green peppers and onions in large skillet. Add tomatoes, water, tomato paste and black pepper; mix well.
LAYER half each of the pasta. meat sauce and VELVEETA in 13x9-inch baking dish; repeat layers.
BAKE 30 min. or until heated through.